Kiri Industries Ltd. (NSE: KIRIINDUS) ( 23 Aug 2024)
The stock is currently trading above all key moving averages (21, 50, 100, and 200-day EMAs), which is a positive indicator suggesting that the stock is in a bullish phase. The close proximity of these EMAs indicates a consolidation zone from which the stock might soon break out.
Chart Pattern:
The chart shows that KIRIINDUS has been forming a potential breakout pattern. The stock has been consolidating within a range, creating a base for a possible strong upward move.
Resistance Levels:
Immediate Resistance: ₹376.78 (a recent high)
Major Resistance: ₹440.55 (long-term resistance)
Support Levels:
Immediate Support: ₹333.15 (200-Day EMA)
Stop-Loss Level: ₹341.13 (21-Day EMA)
Risk/Reward Ratio:
Risk/Reward Ratio: 3.57
The risk/reward ratio is favorable, indicating that the potential upside outweighs the downside risk. With a stop-loss at ₹333.15, the stock offers a good opportunity for traders to capitalize on the potential move towards the ₹440.55 level.
Chart Pattern:
The chart shows that KIRIINDUS has been forming a potential breakout pattern. The stock has been consolidating within a range, creating a base for a possible strong upward move.
Resistance Levels:
Immediate Resistance: ₹376.78 (a recent high)
Major Resistance: ₹440.55 (long-term resistance)
Support Levels:
Immediate Support: ₹333.15 (200-Day EMA)
Stop-Loss Level: ₹341.13 (21-Day EMA)
Risk/Reward Ratio:
Risk/Reward Ratio: 3.57
The risk/reward ratio is favorable, indicating that the potential upside outweighs the downside risk. With a stop-loss at ₹333.15, the stock offers a good opportunity for traders to capitalize on the potential move towards the ₹440.55 level.
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